A group of directors has taken control of a Preston financial advice firm, having completed a management buy-out.

Gillian Bardin, Robert Cholmondeley, Glynn Bartley and Phil Rogers have agreed a deal with founders Nigel Taylor and John Patterson to take the majority 55%share in Taylor Patterson financial advisors. The deal sees Gillian Bardin take over as managing director of the company with Nigel Taylor becoming chairman and John Patterson chief executive.

It follows a similar deal in 2004 when the quartet of directors acquired a large stake in the firm, which has now been turned into a controlling stake. Nigel Taylor said: “John and I are delighted that we are able to progress with phase two of the succession programme earlier than planned, and I am confident this move seals Taylor Patterson’s longevity.”

John Patterson added that he and his fellow founder were still looking forward to being involved in the “day-to-day running” of the company, which they founded in 1979.

The announcement comes as the company announced record financial results, which saw its turnover break the £3m barrier and confirmed its decision to expand its presence in Sheffield by moving to new state-of-the-art premises on the edge of the city.

Gillian Bardin said: “Taylor Patterson has an excellent reputation in the financial advice industry and we shall be looking forward to continuing the hard work and time that John and Nigel have invested in the company to make it what it is today. “We are looking forward to the challenges the future brings, while still drawing on the expertise and experience of Nigel and John.”

The founders were advised on the transaction by their neighbours on Winckley Square, Keith Melling of Ricksons Solicitors and Rob Kenmare, of Moore and Smalley chartered accountants, while the quartet of directors were advised by McMillan & Co Accountants and funding was provided by Peter Rooney at Barclays Bank with Craig Richardson, at Dow Schofield Watts, providing corporate finance advice.